The U.S. hotel industry reported higher performance from the month prior, according to March 2023 data from STR.
March 2023 (percentage change from March 2019):
- Occupancy: 65.3% (-4.0%)
- Average daily rate (ADR): $158.17 (+19.1%)
- Revenue per available room (RevPAR): $103.35 (+14.4%)
Among the top 25 markets, Tampa experienced the highest occupancy level (84%), which was down 3.8% from the market’s 2019 benchmark.
Markets with the lowest occupancy for the month included Minneapolis (53.3%), Detroit (58.6%) and Philadelphia (58.6%). San Francisco reported the steepest decline in occupancy when compared with 2019 (-17.1%).
Reflecting continued improvement in business travel and groups, the top 25 markets showed higher occupancy and ADR than all other markets.
About STR
STR provides premium data benchmarking, analytics and marketplace insights for the global hospitality industry. Founded in 1985, STR maintains a presence in 15 countries with a corporate North American headquarters in Hendersonville, Tennessee, an international headquarters in London, and an Asia Pacific headquarters in Singapore. STR was acquired in October 2019 by CoStar Group, Inc. (NASDAQ: CSGP), the leading provider of commercial real estate information, analytics and online marketplaces. For more information, please visit str.com and costargroup.com.
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